DUBLIN–(BUSINESS WIRE)–The "Global Pyrolysis Oil Market: Growth, Trends and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global market for Pyrolysis Oil is expected to grow at a CAGR of over 4% during the forecast period.
Major factors driving the market studied are increasing demand of pyrolysis oil for generating heat & power and rising demand from fuels segment. On the flipside, problems associated with storage and transportation of pyrolysis oil and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing application of pyrolysis oil in biorefineries is expected to offer various lucrative opportunities for the growth of market.
- By application, heat & power segment is expected to dominate the market owing to the increase in the usage in boilers, gas turbines, and diesel engines.
- North America region dominated the pyrolysis oil market across the globe with the largest consumption from countries such as United States and Canada.
Increasing Demand from the Heat & Power Segment
- Pyrolysis oil is a synthetic fuel which is manufactured as a substitute for petroleum. It is also known as biocrude or bio-oil.
- The growing usage of pyrolysis oil to produce heat by direct combustion in a boiler or furnace is projected to increase the demand of pyrolysis oil and stimulate its market during the forecast period.
- The application of pyrolysis oil in boiler is expected to grow during the forecast period as the usage of pyrolysis oil can reduce the carbon emissions by 90% due to which it can replace natural gas and heavy & light fuel oils, thus increasing the demand for pyrolysis oil.
- Additionally, the usage of pyrolysis oil in gas turbines and diesel engines to generate heat & power is likely to provide lucrative opportunities for the growth of pyrolysis oil market during the forecast period.
- The industrial boilers market is expected to grow at a CAGR of above 5% during the forecast period. Due to this, the demand for pyrolysis oil is expected to increase, which will stimulate its market during the forecast period.
- Owing to all the above-mentioned factors for pyrolysis oil, its market is expected to grow rapidly over the forecast period.
North America Region to Dominate the World Market
- North America region is expected to dominate the market for pyrolysis oil during the forecast period. In countries like United States and Canada, owing to the growth in the industrial diesel engines and industrial boilers industry, the demand for pyrolysis oil has been increasing in the region.
- Pyrolysis oil contains different levels of oxygen. Due to this oxygen, pyrolysis oil is non-corrosive, non-volatile, tends to polymerize when exposed to air, and offers thermal stability. Owing to these superior properties pyrolysis oil can be used as an alternative for fossil fuels, which is likely to increase the demand of pyrolysis oil in the region.
- Additionally, pyrolysis oil when co-fired in power plants can replace natural gas, heavy oil and coal. This factor is further anticipated to boost the pyrolysis oil market in the region.
- Furthermore, pyrolysis oil contains a large number of different components which are used to derive new products. Pyrolysis oil can be fractionated into product streams like pyrolytic lignin, pyrolytic sugars, and watery phase containing smaller organic compounds. Owing to this the demand of pyrolysis oil is expected to increase in the region.
- The United States combined heat & power market is expected to grow at a CAGR of above 7% during the forecast period which is likely to increase the demand of pyrolysis oil and stimulate its market during the forecast period.
- Some of the major companies operating in North America region are – Klean Fuels (Klean Industries Inc.) and Chevron Phillips Chemical Company.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for pyrolysis oil during the forecast period.
The pyrolysis oil market is consolidated with top players accounting for a major share of the market. Some of the major companies in the market include BTG Biomass Technology Group, Divya International, Chevron Phillips Chemical Company, Biogreen (ETIA Group), and Klean Fuels (Klean Industries Inc.).
Key Topics Covered
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand for Generating Heat & Power
4.1.2 Rising Demand from Fuels Segment
4.2.1 Problems Associated to Storage and Transportation of Pyrolysis Oil
4.2.2 Unfavourable Conditions Arising due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Raw Material
5.1.1 Waste Plastic
5.1.2 Waste Tire
5.1.3 Waste Rubber
5.1.4 Oil Sludge
5.3.2 North America
5.3.4 South America
5.3.5 Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Biogreen (ETIA Group)
6.4.2 BTG Biomass Technology Group
6.4.3 Chevron Phillips Chemical Company
6.4.4 Divya International
6.4.5 Ecomation Oy
6.4.6 Kingtiger (Shanghai) Environmental Technology Co. Ltd.
6.4.7 Klean Fuels (Klean Industries Inc.)
6.4.8 Pyro-Oil Nig. Ltd.
6.4.10 Trident Fuels Pty. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Application in Biorefineries
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/vqiz0y
Laura Wood, Senior Press Manager
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